Cathie Wood’s Ark Investment Management on Friday booked more profit in Tesla Inc (NASDAQ:TSLA), selling 11,496 shares — estimated to be worth $11.8 million based on the latest closing price — in the electric vehicle maker.
The Elon Musk-led company’s stock closed 3.5% lower at $1,026.9 per share on Friday.
Tesla shares posted significant gains on Monday, the first trading day of the year, as it reported fourth-quarter delivery volumes that far surpassed expectations; the gains have since been erased. The electric vehicle maker’s shares had advanced about 50% in 2021 and are down 11.3% for the year so far.
Ark Invest owns shares in Tesla via three of its exchange-traded funds — the Ark Innovation ETF (NYSE:ARKK), the Ark Autonomous Technology & Robotics ETF and the Ark Next Generation Internet ETF (NYSE:ARKW).
The three ETFs held about 1.61 million shares worth $1.71 billion in Tesla, prior to Friday’s trade.
See Also: Cathie Wood Sells Another $4.9M In Tesla Stock On Thursday — Buys Shares In Palantir And This Chinese E-Commerce Giant
Tesla on Sunday smashed fourth-quarter delivery records, posting its biggest quarterly and full-year delivery volume.
Wood, who founded Ark Invest, is a Tesla bull and has set a $3,000 price target for the electric vehicle stock for 2025. The investment firm has been selling shares in Tesla since September after shares moved higher to breach the $1 trillion market cap.
The St. Petersburg, Florida-based Ark has also been recently loading up shares in the U.S.-listed Chinese electric vehicle maker Xpeng Inc (NYSE:XPEV).
Here are some other key Ark Invest trades from Friday:
- Bought 35,284 shares — estimated to be worth $8.2 million — in Coinbase Global Inc (NASDAQ:COIN) on the dip. Coinbase shares closed 0.7% lower at $232.3 a share. The stock is down 7.5% so far in 2022.
- Bought 151,913 shares — estimated to be worth $27.4 million — in Roku Inc (NASDAQ:ROKU) on the dip. Roku shares closed 6.9% lower at $180.4 a share on Friday.
- Bought 64,852 shares — estimated to be worth $9.2 million — in Block Inc (NYSE:SQ) on the dip. Shares of the company closed 2.2% lower at $141.54 a share.